Zymergen’s Chapter 11 plan of liquidation effective as of Feb. 23

By Sarah Lizee

Olympia, Wash., Feb. 26 – Zymergen Inc.’s Chapter 11 plan of liquidation went into effect on Friday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the plan was confirmed on Feb. 5.

Generally, the plan provides for the payment in full of all allowed administrative expense claims, fee claims, U.S. trustee fees, secured claims, priority tax claims and other priority claims.

Holders of general unsecured claims were to receive a pro rata share of cash from a liquidating trust, if any, after payment of (or the establishment of a sufficient reserve) for all liquidating trust expenses and all senior claims.

There isn’t a recovery for the holders of subordinated claims, interests, intercompany claims or intercompany interests.

Distributions under the plan were to be funded from cash on hand, including the proceeds of the sales transactions received before, on, or after the effective date.

The Emeryville, Calif.-based biotech company filed bankruptcy on Oct. 3 under Chapter 11 case number 23-11661.

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